Turkish Misyon Bank Ventures into Digital Assets with Taurus

Misyon Bank, an investment banking firm and one of the first neobanks in Turkey, has partnered with Taurus, a Swiss cryptocurrency custody provider, to enter the digital asset custody and tokenization space. The partnership, facilitated through Misyon’s subsidiary MisyonTech, will enable Misyon Bank to offer digital asset custody and tokenization services. The bank will utilize various solutions developed by Taurus, including its custody platform, tokenization tool, and blockchain node infrastructure.

Taurus is a well-known provider of custody services in Europe, serving major banks such as Banco Santander and Credit Suisse. In fact, Credit Suisse is an investor in Taurus and led a $65 million funding round for the firm in 2023. Misyon Bank aims to position Turkey as the “Switzerland of its region” by leveraging Taurus’ technology to make Turkish assets accessible to investors worldwide through tokenization. The bank plans to collaborate with Istanbul Technical University and KPMG to develop local solutions for digital assets.

While the details of the collaboration were not disclosed, it is unclear whether Misyon Bank will directly add cryptocurrencies like Bitcoin to its platform. When contacted for comment, both Misyon and Taurus did not provide a response on the matter. Turkey has emerged as a significant player in the crypto market, ranking fourth globally in terms of transaction volumes in 2023. This partnership between Misyon and Taurus is expected to pave the way for increased institutional activity in the region.

Taurus Co-founder Lamine Brahimi expressed confidence in the collaboration, stating that Misyon and MisyonTech’s team of experts impressed them. Brahimi believes that this partnership will establish Turkey as a prominent player in digital asset custody and tokenization within the region.

This partnership between Misyon Bank and Taurus represents a significant step forward for Misyon Bank in its efforts to provide digital asset custody and tokenization services. With the backing of Taurus’ technology and the support of local institutions, Misyon Bank aims to position Turkey as a center of excellence for custody services and tokenization in its region.